Incentives are customized for each business.  They can include low interest loans, relocation or training grants, special lease or construction terms, and tax refunds or credits.   SEDC coordinates incentives with City, County, and State development partners.

Local

Property Tax Abatement – Meade County has no property tax for five years on new commercial structures (or renovations) over $30,000.
Revolving Loan Fund – Lower cost, permanent financing for working capital, fixed assets, and real estate for for-profit businesses.
SBA 504 – Long-term, lower-cost, fixed-rate financing on fixed asset purchases (land, building, equipment) to small for-profits
Loan Pool – SEDC partners with the City, County, and private lenders to offer attractive, flexible economic benefit packages.
Based on the type and number of new jobs created, the project’s total capital investment, and a financial statement review, Sturgis/Meade County can offer incentives such as:

• Free land to build a new facility.
• “At cost” building construction and lease back.
• Buy down of lease cost on constructed facility.
• Low cost, fixed rate financing of equipment and building.
• Relocation grants based upon the type and number of new jobs to be created.
• Temporary housing for a company’s key person during the project’s construction phase.
• Free office space for a company’s key person during the project’s construction phase.
• Free office space for initial interviewing of applicants.
• Free rent during initial phase of lease on building.

To learn more, call 605-347-4906 or click info@sturgisdevelopment.com.

State

REDI Fund – Permanent, low interest financing for land, building, equipment, and associated installation costs for start-ups or businesses that are expanding or relocating.
SBA 504 – Long-term, lower-cost, fixed-rate financing on fixed asset purchases (land, building, and equipment) to small for-profit businesses.
MicroLOAN SD – Working capital, equipment, real estate and other fixed asset project costs for small enterprises, such as main street and retail operations. Interest rate is 3%; maximum loan is $50,000.
Workforce Development Training – Up to 50% matching grant for training expenses.

For more information, click http://sdreadytowork.com/incentives-taxes.aspx